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Showing posts with label Credit Card Fraud. Show all posts

Know ways to avoid credit or debit card frauds


Since 2016, when India decided to go cashless the growth of online payments increased exponentially but not without risks. Online payments seem quick and easy but it's not hard for your financial data to be stolen. With every transaction and swipe you're putting your credit to risk.


In 2019, India faced a banking hazard as 32 lakh debit cards from 19 banks, including HDFC Bank, ICICI Bank, and Axis Bank, were compromised with a loss of 1.3 crores. The cyber-world is littered with examples like this, people often think it's inevitable that they will be duped at least once, that even if they are careful their credit cards will be compromised at some point. But it doesn't have to be so, with the following measures we can reduce the risk of debit and credit frauds to a great extent.

Register for alerts

The best way to prevent a bogus transaction is to set up email or SMS alerts, as they will at least give you a warning as to when a transaction is made or tried. And if the said transaction is not by you then you can take action immediately.

Don't save your card information on websites

It's not foolproof but it would certainly clog some loopholes. It's better to limit the sites where you save your card details and know all the sites you have them saved on. Best to save them on trustable sites.

Be careful

The Internet is full of baits so be prudent while clicking on any too-good-to-be-true deals. Especially the ones that ask for your card details. Be paranoid of fishy email links and consider them as red flags.

Log out

Its cautious to log out of sites and apps made for e-commerce and never save any passwords on your phone.

Check Statements Regularly

Check your bank statements for any suspicious activity, so you can catch one early on. Sometimes, the fraudsters might use the card multiple times so as soon as you find something suspicious report it and cancel the card via the bank.

Use Online Wallets and UPI

As online wallets and UPI doesn't disclose your account details or card details, it's better to use them instead of credit or debit cards for e-commerce.

 It goes without saying that always air on the side of caution and never disclose your financial details to anyone. With a few careful steps you can reduce the risk of falling into a debit fraud and even if you do many banks offer insurance for such cases, so go through the bank's policies thoroughly; they may save you a dime a dozen.

The hacker explained why in Russia cards will become more often blocked


Hacker Alexander Warski told what to expect from Governing Bodies. According to him, bank cards will more often be blocked in Russia.

The information security specialist expressed the opinion of the new law on mandatory notification of blocking of finances on the accounts of Russians. Starting from March 28, according to the new law, credit institutions are obliged to notify customers about the blocking of funds on the same day, necessarily indicating the reason for their actions. According to the hacker, the new law will only contribute to a significant increase in blockages.

"The governing bodies will be more likely to use this tool," - said Warski.
At the moment, the percentage of all illegal withdrawals is 1% of all financial transactions. Scammers use fake phone numbers that are displayed as Bank numbers and disturb people on behalf of the Bank. In this regard, the hacker believes that mobile operators are to blame for allowing the sale of virtual SIM cards.

State Duma Deputy Natalia Poklonskaya believes that the introduction of the new law will make the bank-client relationship system more transparent.

"Now this side of banking will become more open, and blocking the client's account will no longer be unexpected, which means that it will not be able to be a manipulative tool," said Natalia.

Earlier, EhackingNews reported that experts from the information security company Positive Technologies came to the conclusion that hackers will need only five days on average to hack a large Russian Bank.

In addition, it became known that 89% of data leakage incidents in Russian banks were caused by ordinary employees.

Banks also noted the appearance of special Telegram bots, through which people can earn anonymously on the leak of information and personal data. Each case of information disclosure costs 50-100 thousand rubles ($750 - $1,500).

The Russian Embassy in Washington sent a note of protest to the State Department


The US Department of Justice has confirmed the extradition of Russian hacker Alexei Burkov from Israel. Accused by Americans of credit card fraud, a Russian citizen has already appeared before a federal judge in Virginia. Burkov faces up to 80 years in prison. The Russian Foreign Ministry sent a note of protest to the State Department, soon the consuls will be sent to the Russian citizen.

"In connection with the extradition of the Russian citizen Burkov from Israel to the United States, we have taken a decisive demarche regarding the “hunt” unleashed by Washington for our citizens around the world. In the note sent to the State Department, we demanded strict compliance by the American side with existing bilateral obligations," reported the press service of the Russian diplomatic mission.

The Embassy noted that Russian diplomats "will soon visit a compatriot in a pretrial detention center in Virginia."

Earlier, the US Department of Justice said that according to court documents, Burkov allegedly ran a website called Cardplanet that sold payment card numbers, many of which belonged to US citizens.
"Stolen data from more than 150,000 payment cards were allegedly sold on Burkov's website and led to fraudulent purchases made from US credit cards worth more than $20 million," stated the US Department of Justice.

It is noted that if Burkov is found guilty on all counts, he faces up to 80 years in prison.
Earlier, Russian President Vladimir Putin proposed to exchange the Israeli woman, who has dual citizenship — Israel and the United States. She was sentenced to 7.5 years in prison for smuggling hashish. Putin discussed the case with the Prime Minister of the Jewish state, Benjamin Netanyahu. However, he refused to make such an exchange.

Recall that Burkov was detained at the airport in Tel Aviv in 2015 when he came to Israel on vacation. He was later charged with crimes in the sphere of cybersecurity. He calls himself an information security specialist and denies the charges of committing the crimes imputed to him. All the time since the arrest he spent in Israeli prisons.

It is worth noting that Alexei Burkov will not be the first Russian convicted in the United States, whose return will be required by the Russian Foreign Ministry.